mDR fires COO Richard Siau amid investigations into suspected misconduct

MAINBOARD-LISTED mDR has terminated the employment of group chief operating officer Richard Siau effective Dec 23 after investigations by the company and the police into suspected misconduct.

In a bourse filing on Thursday (Dec 23), mDR noted that Siau will no longer hold any position in the company and/or the group. The company will search for a suitable replacement and will announce the appointment in due course.

In the interim, Ong Ghim Choon, the group chief executive, will assume the roles and responsibilities of Siau.

The move comes as mDR, an after-market service provider for consumer mobile products, on Dec 18 announced that it discovered 2 separate cases of unauthorised use of the group's marketing incentive rebates at its subsidiaries - 3 Mobile Telecom, A-Mobile and Handphoneshop.

Two senior executives including one executive officer were persons of interest in the suspected misappropriation. Preliminary internal investigations showed that the aggregate amount misappropriated was approximately S$2.08 million, according to an earlier filing on Dec 18.

The individuals had used the rebates for the unauthorised sale of handsets and phone accessories, instead of promotional activities as intended.

mDR said that it had made a police report on Dec 15 and has been working with both the Commercial Affairs Department and the police.

Shares of mDR closed up 0.2 Singapore cents, or 3 per cent, to close at S$0.068 on Thursday.

READ MORE: 2 mDR senior executives misappropriate S$2.08 million in company funds